Crafting an Effective Total Rewards Program

Crafting an Effective Total Rewards Program

Above-average employee benefits packages have long been tools for employers to entice candidates. With a shift from healthcare cost avoidance to retention, top employers are placing more focus on building competitive employee benefits packages. Commonly referred to as Total Rewards Programs, today’s comprehensive benefits packages include employee services that go beyond traditional healthcare coverage and minimal fringe benefits.

The trend of leveraging Total Rewards Packages to attract and retain employees has grown out of a competition for talent, impacting even the most successful organizations. While compensation remains a top reason for joining and remaining with an employer, benefits have quickly landed in second place for employees of all ages.

With candidates and current employees alike seeking the best available benefits and perks, it can be challenging to craft an effective Total Rewards Package. Before jumping head-first into creating the trendiest benefits package available, it is important to take heed of your employees’ individual needs. For example, if your office is filled with pet lovers who take full advantage of “Bring Your Dog to Work Fridays,” then Pet Insurance may be a popular benefit with your workforce. If you find yourself hiring many recent graduates, a student loan repayment program may successfully attract the brightest talent.

Before you dive into creating or upgrading to an attractive offering that goes well beyond traditional healthcare and dental plans, read the list below to learn a bit more about some of today’s most popular benefit offerings.

  • Work-Life Benefits: Benefits and programs that assist employees with successfully managing healthy work and personal lives allow employers to directly support each individual. Examples of these benefits may include flexible work schedules, Wellness Programs, Community Involvement Programs and Employee Assistance Programs (EAPs).
  • Recognition Perks: Awards offered to employees in response to going above and beyond foster a sense of pride and accomplishment in the workplace. Employees who feel a sense of belonging are more likely to remain productive and successful members of the workforce, so recognition benefits can support both employees and overall company success.
  • Career Development Opportunities: Financial support and access to educational opportunities encourage professional development growth among employees. From tuition reimbursement and conference/workshop attendance to internal promotions and succession planning programs, organizations can seamlessly incorporate employee growth into their Total Rewards Packages.
  • Unique, Targeted Benefits: A mix of traditional and customized rewards best support employees’ individual needs. Employees with young children may appreciate flexible work schedules and childcare reimbursement most, while others may prefer to access a financial wellbeing program and enroll in more traditional benefits such as a 401k, short-term disability coverage and critical illness insurance.

Whether you decide to build a package filled with many unique rewards or to begin offering traditional benefits with a greater-than-average employer contribution, crafting an effective Total Rewards Package is all about offering the benefits your employees want and need.

How do your organization's benefit offerings meet employees’ needs?

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